Winklevoss Twins Double Down on Trump-Linked Bitcoin Mining Venture ’American Bitcoin’

Politics meets proof-of-work as the crypto kingpins back a controversial play.

The Winklevoss twins—no strangers to high-stakes bets—just placed their chips on American Bitcoin, a mining operation with ties to the Trump family. Because nothing says 'decentralized future' like mixing crypto and political dynasties.

Why it matters: This isn't just another mining farm. The move signals institutional players are still hungry for Bitcoin's upside—even if they have to wade into murky political waters to get it.

The punchline: A venture capital firm founded by former President Trump's son-in-law Jared Kushner recently invested heavily in the same operation. Because when traditional finance looks shaky, why not diversify into assets that swing 30% before lunch?

One cynical take: Nothing hedges against inflation like a mining rig powered by partisan drama.

Why is this investment significant?

The investment adds another link in the growing relationship between the Gemini founders and the TRUMP family. 

In recent years, the twins have attended multiple WHITE House events, including a March digital assets summit and a July signing ceremony for the GENIUS Act, which sets a regulatory framework for payment stablecoins. President Trump personally acknowledged their contributions at the latter event. 

The twins have also donated millions to Trump’s 2024 campaign and pro-Trump political committees.

Interestingly, this relationship appears to be drawing attention in Washington. In July, Politico reported that the Winklevoss brothers may have influenced the White House’s decision to delay the nomination of Brian Quintenz as chair of the US Commodity Futures Trading Commission.

The Senate Agriculture Committee had scheduled a vote on Quintenz’s nomination before lawmakers left for the August recess. However, the process stalled after a request from the White House. 

While the report did not confirm any direct intervention by the twins, it noted their previous public support for Quintenz following President Trump’s announcement of the nomination.

The reasons behind the delay remain unclear, and neither the White House nor the Gemini co-founders have publicly addressed the claims. For now, the nomination is expected to return to the Senate’s agenda when lawmakers reconvene later this year.

American Bitcoin set for Nasdaq listing

American Bitcoin, which is about 20% owned by Eric and Donald Trump Jr., emerged from a restructuring of Hut 8’s mining operations. The Canadian miner transferred its US-based mining sites and equipment into the new venture in exchange for an 80% stake, while the Trump sons retained their ownership through a related entity.

The company has agreed to go public via an all-stock merger with Nasdaq-listed Gryphon Digital Mining, a deal expected to close in early September. Upon listing, Eric Trump’s stake could be worth as much as $367 million, according to Bloomberg.

American Bitcoin’s core strategy focuses on building long-term value through two parallel objectives. The first is to mine Bitcoin at a cost lower than the market rate. The second is to continually increase its direct cryptocurrency holdings.

As of June, American bitcoin reported a reserve of 215 BTC worth nearly $24 million, stored with Coinbase Custody. The company contracts out its mining operations rather than owning and operating all infrastructure directly, a model that keeps fixed costs low while allowing it to scale quickly.